India analyzing PLI scheme for chemicals and petrochemical sector: Nirmala Sitharaman
Thursday, 27 July 2023, 12:07 IST
India is considering the Production Linked Incentive (PLI) scheme for chemicals and petrochemical industry, said union finance minister Nirmala Sitharaman. Sitharaman also said that the country has set its sight on becoming energy independent by 2047 and achieving net zero by 2070. "Net Zero can’t be attained unless each industry and sector contribute to it. We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the areas will have to contribute to this," said the finance minister at the third edition of the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India.
The remark "achieving net zero by 2070" comes amid government's keen focus on giving a boost to Indian manufacturers and industries by introducing PLI scheme. The government had announced the re-bidding of PLIs for 20 GWh Advanced Chemistry Cell manufacturing India's Rs 18,100-crore programme to boost local battery cell production last week. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives for their inputs and suggestions before the start of the re-bidding process of remaining 20 GWh capacity." The ministry is committed to finalize the bidding documents and proceeding with the rebidding process at the earliest," an official statement said.
ACCs are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required.These have major applications in the electric vehicles, maintaining grid stability, solar rooftop, consumer electronics etc. With India's commitment towards renewable energy and achieving net-zero by 2070, energy storage is expected to play a crucial role in the overall energy ecosystem.
The government approved the PLI scheme 'National Programme on ACC Battery Storage' for achieving a manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC to enhance manufacturing capabilities with a budgetary outlay of Rs 18,100 crore. Under the initiative, the emphasis of the government is to achieve greater domestic value addition, while at the same time ensuring that the levelised cost of battery manufacturing in India is globally competitive.
The remark "achieving net zero by 2070" comes amid government's keen focus on giving a boost to Indian manufacturers and industries by introducing PLI scheme. The government had announced the re-bidding of PLIs for 20 GWh Advanced Chemistry Cell manufacturing India's Rs 18,100-crore programme to boost local battery cell production last week. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives for their inputs and suggestions before the start of the re-bidding process of remaining 20 GWh capacity." The ministry is committed to finalize the bidding documents and proceeding with the rebidding process at the earliest," an official statement said.
ACCs are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required.These have major applications in the electric vehicles, maintaining grid stability, solar rooftop, consumer electronics etc. With India's commitment towards renewable energy and achieving net-zero by 2070, energy storage is expected to play a crucial role in the overall energy ecosystem.
The government approved the PLI scheme 'National Programme on ACC Battery Storage' for achieving a manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC to enhance manufacturing capabilities with a budgetary outlay of Rs 18,100 crore. Under the initiative, the emphasis of the government is to achieve greater domestic value addition, while at the same time ensuring that the levelised cost of battery manufacturing in India is globally competitive.
